Facebook, Snap, and Twitter are bidding tens of millions to host World Cup clips on their platforms

Social media giants are offering tens of millions of dollars to Fox so that they can play clips from the Russia World Cup on their platforms, according to a Bloomberg report that cites sources familiar with the matter.

Facebook, Twitter, and Snap are all trying to get rights from Fox that would allow them to play highlights from Russia World Cup football (soccer) games aired in the US, according to two anonymous sources. All four companies declined to comment when contacted by Bloomberg.

Fox is reportedly yet to decide whether to offer the rights to one platform exclusively or whether to spread them across a range of platforms.

Offering clips to social media companies could provide Fox with a lucrative new revenue stream, while social media companies hosting World Cup clips would stand to gain from increased levels of engagement from users and advertisers.

Fox will show the games on broadcast and cable TV but demand for highlights clips could be higher in the US for this World Cup due to the time difference between Russia and the US.